Gold Rate Today: Yellow metal rises to Rs 97,200/10g as US-China trade uncertainty boosts demand

Gold prices rose on Wednesday amid lingering uncertainty over the finalisation of a U.S.-China trade agreement, prompting safe-haven buying ahead of key U.S. inflation data.

At 10:50 am, August gold futures on the Multi Commodity Exchange (MCX) were trading at Rs 97,208 per 10 grams, up Rs 306 from the previous close. In contrast, July silver futures edged down by Rs 28 or 0.03% to Rs 1,06,721 per kg.

In the global market, spot gold gained 0.5% to $3,339.60 an ounce (as of 0350 GMT), while U.S. gold futures also rose 0.5% to $3,361.20.

U.S. and Chinese officials said on Tuesday they had agreed on a framework to revive their trade truce and lift China’s export restrictions on rare earths. However, there was little indication of a long-term resolution to the trade dispute.

After two days of talks in London, U.S. Commerce Secretary Howard Lutnick said the framework would be presented to President Donald Trump for approval, with the Chinese delegation also seeking a nod from President Xi Jinping.

"Gold prices remain volatile as investors await a clearer resolution from the ongoing US-China trade negotiations taking place in London. A favorable outcome of the US-China trade talks is likely to drive gold prices down. Attention is also turning to inflation data set to be released over the next three days in both India and the UK. Additionally, Thursday's auction of long-term Treasury bonds may offer further guidance on price movements," said Aksha Kamboj, VP, India Bullion and Jewellers Association and Executive Chairperson, Aspect Global Ventures.

The two countries had previously imposed tit-for-tat tariffs in April, escalating trade tensions. Talks in Geneva last month led to a rollback of some tariffs from triple-digit levels.

Meanwhile, the World Bank lowered its global growth forecast for 2025 by 0.4 percentage points to 2.3%, citing trade tensions and uncertainty as major headwinds.

Investors are now awaiting the U.S. consumer price index (CPI) report, due at 1230 GMT, for more clarity on the Federal Reserve’s policy outlook. Most economists expect the Fed to hold interest rates steady for the next couple of months, with inflation risks still in focus.

Elsewhere, spot silver was unchanged at $36.56 per ounce, platinum also steadied at $1,222.14, while palladium was up 0.6% to $1,066.19.

"Gold has support at $3300-3275 while resistance is at $3345-3360. Silver has support at $36.20-35.90 while resistance is at $36.75-36.95. In INR, gold has support at Rs96,620-96,290 while resistance at Rs97,350-97,640. Silver has support at Rs105,859-105,050 while resistance is at Rs1,07,750-1,08,650," said Rahul Kalantri, VP Commodities, Mehta Equities.

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Gold rates in physical markets today

Delhi
Standard gold (22-carat) prices in Delhi stand at Rs 58,304/8 grams while pure gold (24-carat) prices stand at Rs 62,232/8 grams.

Mumbai
Standard gold (22-carat) prices in Mumbai stand at Rs 57,144/8 grams while pure gold (24-carat) prices stand at Rs 60,880/8 grams.

Chennai
Standard gold (22-carat) prices in Chennai stand at Rs 56,832/8 grams while pure gold (24-carat) prices stand at Rs 60,584/8 grams.

Hyderabad
Standard gold (22-carat) prices in Hyderabad stand at Rs 56,944/8 grams while pure gold (24-carat) prices stand at Rs 60,704/8 grams.

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(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)